Homebase sold to Hilco for £1 putting jobs and 60 stores at risk

on 02 June 2018.

Acquisition of DIY chain ‘an unbelievable disaster’ for Australian group Wesfarmers

Homebase has been sold to the restructuring specialist Hilco, the owner of HMV, for £1 as the DIY chain’s Australian owner pulls the plug on its disastrous venture into the UK, putting thousands of jobs at risk.

Wesfarmers, whichbought the business for £340m two years ago, said it was offloading the entire 250-store Homebase chain, which has a workforce of just over 11,000.

Hilco’s UK division, set up in 2000, has been involved in a long list of retail restructures from HMV and BHS to Woolworths.

Related: ‘Homebase is the most disastrous retail acquisition in the UK ever’